personal finance final

Three categories of spending

fixed (rent, car payments), variable (groceries, gas), periodic (gifts, car maintenance)

What can a bachelors degree qualify for?

tech, business, healthcare

Four main types of insurance

Auto, life, retirement, health

a premium vs an annual deductible

premium = regular monthly payment to keep your policy active

annual deductible = what you pay out of pocket before your insurer starts paying

bank def

for-profit, owned by shareholders, to make money

credit union def

non-profit, member owned for member’s benefit (lower fees, better interest rates for loans)

Investing pro and con

there’s potential for high returns but also the risk of losing money

a tax deducted from your paycheck (that isn’t income tax)

social security tax (provides things like retirement and disability), Medicare (health insurance)

Two different kinds of people who can check your credit score and why

lenders (for when you apply loans), employers (trustworthiness, responsibility)

One cost you incur with a credit card and how to avoid it

Annual fee (avoided by getting a card without one)

Four ways to reduce college costs

eat your own food, scholarships, grants, on campus jobs

Five things to research before buying a car

Total cost, insurance, registration, potential repairs, market value

Hidden costs of buying a car

Destination charge, registration fee, title fee, depreciation, monthly cost of paying cash

minimum liability insurance in Oregon

$25,000 per person, $50,000 per accident for bodily injury, $20,000 per accident for property damage

Six factors that determine price of auto insurance

driving record, location, age, gender, the car you drive, your credit

Five expenses when buying a home

down, closing costs, homeowners insurance, property taxes, moving

10 steps to buying a home

decide if you’re ready, calculate affordability, save for down and closing, choosing mortgage type, pre-approve your mortgage, find a real estate agent, house hunt, make an offer, get a home inspection, get home appraisal

3 advantages and 2 disadvantages in buying a house versus renting

builds equity, wealth, financial stability

high upfront costs, maintenance

2 advantages and 1 disadvantages to renting a home

Flexibility to move, less maintenance responsibility

Not building long term wealth